L2 Growth and $120B Staking Hide Ethereum’s Supply Reality Ethereum’s institutional data hub reported about $120 billion in staked ETH and $40.4 billion in daily average total value locked on layer-2 networks as of a Sept. 21 snapshot. These metrics measure different things. Staked ETH reflects ETH committed to network security, while L2 TVL captures assets held across Ethereum-linked networks. Adding them together does not measure fresh ETH demand. ⚠️ Personal market analysis only. NFA — manage risk and DYOR. Educational content, not investment advice or a recommendation to buy, sell, deposit, or withdraw any asset. No paid promotion or referral/affiliate links.